GENERAL COMMENTS:
It was a fruitful day for the livestock complex as all three markets closed higher. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. May corn is up 2 1/2 cents per bushel and May soybean meal is down $1.60. The Dow Jones Industrial Average is up 353.44 points
LIVE CATTLE:
It was another robust day for the live cattle complex as boxed beef prices closed higher yet again and traders elected to push the contracts higher again this afternoon. April live cattle closed $1.85 higher at $205.02, June live cattle closed $1.72 higher at $201.07, and August live cattle closed $2.15 higher at $198.85. It will be especially interesting to see how the spot June contract trades throughout the rest of the week as it is near the resistance plane established late in January. If the cash market is able to push prices higher again this week and if boxed beef demand continues to be strong -- then there's an argument to be made that the market has enough support to break into new technical ground. But then again, the monthly Cattle on Feed report is set to be released on Friday and that always plays with the market psyche. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. Monday's slaughter is estimated at 114,000 head -- 1,000 head less than a week ago and 3,000 head less than a year ago.
Just last week Southern live cattle traded at $202 to $203, which is $5.00 to $6.00 higher than the previous week, and Northern dressed cattle sales were marked at mostly $325, which is $9.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 81,521 head. Of that 91% (73,981 head) were committed to the nearby delivery) while the remaining 9% (7,540 head) were committed to the deferred delivery.
Boxed beef prices closed higher: choice up $2.89 ($321.16) and select up $1.58 ($307.90) with a movement of 104 loads (71.28 loads of choice, 12.54 loads of select, 8.25 loads of trim and 12.18 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady to somewhat higher. So long as beef demand remains strong this week, the cash cattle market may be able to push prices higher again this week.
FEEDER CATTLE:
It was anything but a lackadaisical Monday for the feeder cattle complex as the contracts shot from $2.00 to $3.00 higher and buyer demand was aggressive again in the countryside. March feeders closed $2.65 higher at $284.62, April feeders closed $3.00 higher at $284.20, and May feeders closed $2.65 higher at $285.30. It is imperative for the feeder cattle market's success this week that the live cattle complex continues to lend support -- through how the contracts trade and through strong fed cattle sales -- but so long as support remains viable, the market stands an excellent chance at maintaining its steady/somewhat higher trend. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers were trading $5.00 to $10.00 higher and feeder heifers were trading $2.00 to $6.00 stronger. Steer calves were selling $3.00 to $6.00 higher. Feeder cattle supply over 600 pounds was 72%. The CME Feeder Cattle Index 3/14/2025: up $0.55, $283.27.
LEAN HOGS:
The lean hog complex was also able to close higher as the market was well supported thanks to a higher carcass price at noon, which thankfully was the case for the afternoon carcass price as well. April lean hogs closed $1.45 higher at $88.07, June lean hogs closed $2.82 higher at $99.12, and July lean hogs closed $2.77 higher at $100.05. The spot April contract is currently teetering at its resistance at $88.00, but if demand remains supportive throughout the remainder of the week, traders shouldn't struggle to push the complex higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.03 with a weighted average price of $87.67 on 858 head. Pork cutouts totaled 179.49 loads with 155.62 loads of pork cuts and 23.87 loads of trim. Pork cutout values: up $3.55, $100.93. Monday's slaughter is estimated at 487,000 head -- steady with a week ago and 6,000 head more than a year ago. The CME Lean Hog Index 3/13/2025: down $0.19, $89.55.
TUESDAY'S HOG CALL: Higher. With consumer support evident early in the week, it's likely the cash market will be higher on Tuesday.
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